Dear User Advisorymandi.com or Pro advisory Championship (PAC) having purpose to provide you analytical skills of numbers of SEBI registered Research Analysts and Investment Advisers to choose best one among them for your hard earned investments. We Advisorymandi.com or Pro advisory Championship (PAC) not promote any adviser or provide any advise through Call, SMS and Social media platforms or give assurance of any return.

Register as Broker

Interested In

Update Profile

Oil eases on rising U.S. inventory, market looks to EIA data

SINGAPORE (Reuters) - Oil edged lower on Wednesday as expectations of an increase in U.S. inventories weighed on the market, offsetting bullish momentum from output cuts announced by OPEC and other producers.

Brent crude, the international benchmark for oil prices, had dropped 15 cents, or 0.3 percent, to $55.29 a barrel by 0228 GMT. U.S. West Texas Intermediate (WTI) crude futures lost 22 cents, or 0.4 percent, to trade at $52.96 a barrel.

Weekly inventory data from the American Petroleum Institute showed U.S. crude, gasoline and diesel stocks all rose last week. The Energy Information Administration will report its data at 1530 GMT.

Analysts estimated U.S. crude stocks increased by about 2.8 million barrels in the week to Jan. 20.

"The market will focus on tonight's EIA data, which is the most likely market moving event in the next 24 hours," said Michael McCarthy, chief market strategist at Sydney's CMC Markets.

"I am seeing estimates here of a build of 2.5 million barrels. But there is a wide spread (in estimates) which is a reason to think tonight's data could be market moving."

U.S. oil production has risen by more than 6 percent since mid-2016, though it remains 7 percent below the 2015 peak. It is back to levels reached in late 2014, when strong U.S. crude output contributed to a crash in oil prices.

The push by Republicans in the U.S. House of Representatives for a shift to border-adjusted corporate tax could push U.S. crude prices higher than the global benchmark Brent, triggering large-scale domestic production, according to analysts at Goldman Sachs on Tuesday.

The dollar held gains, with a rebound in Treasury yields helping the greenback pull away from recent lows plumbed against the yen and euro amid concerns about U.S. President Donald Trump's protectionist stance.

Oil prices have received support from plans by the Organization of the Petroleum Exporting Countries (OPEC) and other producers to reduce output in a bid to boost prices.

Around 1.5 million barrels per day (bpd) has already been taken out of the market from about 1.8 million bpd agreed by oil majors starting on Jan. 1, energy ministers said on Sunday, as producers look to reduce oversupply.

Bernstein Energy said global oil inventories declined 24 million barrels to 5.7 billion barrels in the fourth quarter of last year from the previous quarter. That amounts to about 60 days of world oil consumption.

"More participants to the recent production agreement said they were close to implementing their share of the reduction," ANZ said in a note to clients.

Dr. Ravindra Dhivare

Dr. Ravindra Dhivare

Advisorymandi.com is really appreciable . As they give proper calls & levels with proper SL. Advisorymandi,com teaches us, how to trade in share market in proper way. Personalized services also tell you about your services like, phone calls, reminders & other suggestions are really very appreciable with polite conversations.
Outstanding team effort as they are very cooperative , polite and helps in sorting out problems and queries in best possible manner.

SHAKTI

Working with Advisorymandi.com was the best decision of my life. The work is highly credible. A BIG... Read More

SHAKTI

Working with Advisorymandi.com was the best decision of my life. The work is highly credible. A BIG THANKS for their virtuoso services.

ADITYA

ADVISORYMANI.COM is a platform where you can know everything about share market and how to trade?It... Read More

ADITYA

ADVISORYMANI.COM is a platform where you can know everything about share market and how to trade?It is a best Platform for a beginner who has just started trading. Employee of advisorymandi are very friendly. They are always ready for you to help in any condition. From my opinion every beginner who wants to be a successful trader , they the should join "ADVISORYMANDI.COM"

MANDEEP

YOUR WORK SPEAKS VOLUMES OF THE KIND OF CONCEPTS IT IS-EFFICIENT,ORGANIZED and RESULT ORIENTED. WELL... Read More

MANDEEP

YOUR WORK SPEAKS VOLUMES OF THE KIND OF CONCEPTS IT IS-EFFICIENT,ORGANIZED and RESULT ORIENTED. WELL DONE!! ADVISORYMANDI.COM AND TEAM

Experts Pick

Rekha Chauhan

Weekly Outlook-Nifty

After forming Harami Pattern in weekly chat in the past two weeks, the NSE benchmark Nifty managed t...

Rekha Chauhan

Research

Rekha Chauhan

Weekly Outlook-Nifty

After forming Harami Pattern in weekly chat in the past two weeks, the NSE benchmark Nifty managed t...

Rekha Chauhan

Research

Rekha Chauhan

Weekly Outlook-Nifty

After forming Harami Pattern in weekly chat in the past two weeks, the NSE benchmark Nifty managed t...

OPINION POLL

Will Nifty attain previous Budget high(11,180) this year again?

Yes

No

Can't Say

Total Votes: 2010

Enter email-id to share this news

Important Information

Please fill the required Disclosure/Disclaimer.

Disclaimer

The information and material contained in these pages and the terms, conditions, and descriptions that appear are subject to change without prior notice. Investments in equity shares, debentures, commodities, etc, are not obligations of or guaranteed by the ADVISORYMANDI , and are subject to investment risks.....More